Sunday, May 12, 2019

"150 Years Ago, America Was United By Train"

"150 Years Ago, America Was United By Train: Railroads were America's first big business and still help to build U.S. industry" by Thomas Black
and Marisa Gertz , ©, May 9, 2019.

" ... Railroads were the nation’s first big business, spawning fortunes for entrepreneurs including Cornelius Vanderbilt and Jay Gould and spurring financial markets. J. Pierpont Morgan, a major financier and railroad shareholder, helped bring stability to an industry plagued by overcapacity and price wars. The most famous agreement, the 'Corsair Compact,' was named for Morgan’s yacht after the banker invited Vanderbilt and Gould aboard in July 1885 and insisted on sailing until the two feuding magnates struck a deal. The result -- which eventually led to price fixing and sharing customers -- triggered a Congressional crackdown, including passage of the Sherman Antitrust Act in 1890. ... " [More]

[Courtesy Google Alerts.]